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​​Aviva MyWhole Life Plan IV

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Aviva MyWhole Life Plan IV, one of the most comprehensive policies out there. It’s no surprise that the  is gaining as much attention as it does now. With its flexibility and features, it is able to compete with the other big players in the market.

Two Components of MyWholeLifePlan IV

Base Cover – Lifetime Coverage

Accumulated cash value

When you choose the Aviva MyWholeLifePlan IV base plan, you are not just ensuring your life — you are also securing your family’s financial future. We guarantee that the Aviva MyWholeLifePlan IV Base Cover will accumulate cash value for your family, and as long as you pay premiums on time, it will continue to gain value from year to year. Although the value of the policy may fluctuate, it will never lose its existing value. Bonuses

Bonuses can also be accumulated over the period of coverage of your insurance plan.

Additional Cover – Desired Duration

MyWholeLifePlan IV is your all-inclusive plan that covers both life and medical. To make sure that your registered dependents have enough financial support in case the worst happens to you, the coverage can last up to 65, 70, and 75. 

As an additional cover, you can opt to choose from 100%, 200%, 300$, or 400T of the Base Sum Assured, on top of your Base Cover. One of the best things about this is it also applies to the Additional Cover of the optional riders you choose to attach to your policy later on. They are the Total and Permanent Disability Advance Cover IV, Early Critical Illness Advance Cover V, and Critical Illness Advance Cover V.

In other words, you will have a total sum assured comprised of the Base Sum Assured from the Base cover and the Additional Sum Assured acquired from the Additional Cover. 

Aviva MyWholeLifePlan IV Features

The flexible Critical Illness features of this insurance plan is among the most sought-after in the field. With its annuity payouts, wide range of terms, and multipliers, any policy holder will have a great deal of freedom to tweak the coverage according to specific needs.

Life coverage

As the name of the plan suggests, it provides coverage for life. Compared to term insurance plans that cover only a certain number of years, the effect of the base coverage of life insurance plans takes effect regardless of how long the policyholder will live. 

It covers terminal illnesses as well as death. This means that upon getting diagnosed with a terminal illness, the Aviva Terminal Illness Benefit will take effect and it will serve as some sort of advance payment of the Death Benefit. This advance payment will be paid in lump sum, subtracting the amount owed to Aviva Ltd.

Multipliers that go beyond 70

You will be given the option to apply multipliers into your basic sum assured, up until you reach a certain age. Multipliers are from x2 to x5. Multipliers are a type of Additional Cover that you can benefit from at ages 65, 70, 75, and 80. Take note that most insurance policies will cap at 70 years old. Considering the maximum age is 80, you can expect to accumulate a great deal of cash with these multipliers.

Payout option upon retirement

Retirement is often thought of as the end of an individual’s career. But with the power of an annuity, retirees can now secure a regular monthly payout up to 99 years from the commencement date. Annuities are also a great way to ensure you and your loved ones can live comfortably without having to work too hard for it.

If the policyholder wants to exercise the Income Payout Option, they can do it at every monthly anniversary date. The first time they can do it is (i) the policy anniversary when the Life Assured is age 65 or (ii) the end of a premium payment term, whichever is later. If you want to exercise the Income Payout Option, you can do it at every monthly anniversary date.

The policyholder may exercise the Income Payout Option at each monthly anniversary date starting from (i) the policy anniversary when the Life Assured is age 65 or (ii) the end of the premium payment term, whichever is later. 

Under this contract, the monthly income starts one month after the option is exercised and must be at least as high as the minimum required monthly income.

Hassle-free coverage changes

Scaling your insurance policy will be easy with Guaranteed Extra Protection. It will allow you to make improvements on your coverage at the following Key Life Events:

  • Marital status change
  • Arrival of a new child, legal adoption or otherwise
  • Tertiary education level graduation
  • Purchasing a property

The best thing about this is you can make these changes without the hassle of underwriting procedures as you no longer have to provide proof of your insurability.

Guaranteed Extra Protection (GEP). At Key Life Events, have the option to increase your protection coverage without the need of medical underwriting nor providing any proof of insurability.

Involuntary unemployment coverage

Involuntary job loss is also covered in this policy. If you lose your job due to retrenchment or any other reasons outside your scope and control and remain unemployed for 3 consecutive months, Aviva will put your premium interests on hold for as long as 12 months. This is what we call Waiver of Interest Benefit and any policy holder from ages 19 to 75 will be able to avail this benefit as long as the policy has enough cash to cover this feature. Needless to say, you will need to prove the reason for losing your job.

Optional riders for a more robust protection

It’s not uncommon for policy holders to add optional riders to widen the scope of their protection. As experts, we highly recommend you to do so. These riders are a great addition to the Base Cover you already have. 

Lifetime coverage

1. Total and Permanent Disability Advance Cover IV

2. Critical Illness Advance Cover V

The Critical Illness Benefit will take effect upon receiving the diagnosis included in the 131 conditions covered by Aviva. Payout will comprise of the Base Sum Assured and Additional Sum Assured (granted that the critical illness is diagnosed within the time covered by the Additional Cover), potential bonuses.

3. Benign and Borderline Malignant Tumour Benefit

Will take effect upon a complete medical excision of a Benign Tumour (with suspected malignancy) requiring surgical excision from any of the 22 specified organs covered; or upon receiving diagnosis of a Borderline Malignant Tumour. Payout will comprise of Additional 20% of the Base Sum Assured (up to S$25,000 per person).

4. Intensive Care Benefit

This will take effect upon the 4th day in ICU or Intensive Care Unit due one hospital admission after an accident or an illness. Payout will be in the form of Additional 20% of the Base Sum Assured (up to S$25,000 per person).

5. Special Benefit

Will take effect after getting diagnoses of one of the 27 conditions covered by Aviva. Payout will be in the form of Additional 20% of the Base Sum Assured (up to S$25,000 per person).

6. Early Critical Illness Advance Cover V

How to choose the best life insurance in Singapore

Choosing the best Life Insurance in Singapore can be an intimidating task. A life insurance policy is one of the most important purchases you can make for your family after you die. You need a high quality coverage that will provide for your dependants financially after you are gone, and you should make sure you choose a provider with a good reputation for providing good service and a low premium.

Types of life insurance in Singapore

There are four types of Life Insurance in Singapore: Term Life Insurance, Universal Life Insurance, Whole Life Insurance, and Universal Life Insurance. 

Term Life Insurance

Term Life Insurance is the most basic coverage and provides coverage for a particular period of time. It is usually purchased by people who do not anticipate any major health problems in the future. People with small children can purchase universal life insurance to cover burial expenses and some out-of-pocket expenses. 

Whole Life Insurance

Whole Life Insurance is considered the most expensive form of Life Insurance in Singapore, but it gives the maximum coverage of any other type.

Most people prefer permanent life insurance policies in Singapore because they pay more than term life insurance products. Permanent coverage policies are typically purchased by people who expect to live for a long time. Typically, the cost of these permanent life insurance policies is very expensive, but they provide the most financial security to your family upon your death. To find the best rates on permanent life insurance products in Singapore, you can contact a life insurance company in Singapore that offers a variety of different products to meet the needs of your family and your budget.

There are many options available, including Aviva’s MyWholeLifePlan IV. You can easily compare the rates of these Singapore life insurance companies online so you can get the best deal possible. When looking for a permanent coverage without breakaways or riders, it is best to check out the annual charges or premiums. Some of the companies in Singapore offer both term and permanent coverage without breaking away from the death benefit.

A lot of the companies in Singapore offer permanent coverage with no death benefit, but they do include riders that give the beneficiary some additional benefits. These types of riders are generally not available with non-permanent policies, so you will have to do your research to find the right one for your needs. Term life insurance products offer a low cost option for a temporary situation. Most term life insurance products have limited payout amounts and do not have any death benefit. This means that the death benefit will only be paid if the policy holder has sufficient funds left at the time of death.

Variable Universal Life Plans

Variable universal life (VUL) plans are another type of permanent coverage product that you should consider when researching how to choose the best life insurance policy. The main benefit with this type of policy is that there are many options available to you. You can increase the cash value of your plan by investing in stocks and bonds, paying off accumulated interest, or borrowing against your savings. You can also take out policies that pay out money to your loved ones in the case of your death.

To figure out which of the different types of life insurance policies is best for you and your family, you will need to do some research on the different companies in Singapore. Talk to financial experts that can explain all of the different financial strengths and weaknesses of the different life insurance companies. These experts will be able to give you information on what to look for when choosing the best life insurance company in Singapore. They will also be able to help you find the best life insurance company that is located in your area.

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Linda Barbara

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